The FSC amended the “Offshore Banking Act Enforcement Rules”

To launch the Offshore Insurance Units (OIU) business in Taiwan, the FSC published a ruling on May 21, 2015, amending the Offshore Banking Act Enforcement Rules. Major amendments include: (1) providing the required qualifications of an OIU, including the required capital adequacy ratio, and the requirement that an applicant shall not be subject to disciplinary actions for any material regulatory violation during the 3 years before the application; (2) requiring that an OIU shall allocate working capital for its operations at the minimum amount of US$2 million; (3) providing the required documents and procedure to establish an OIU; (4) providing the definition of a natural person or a juristic person outside the territory of the ROC.